Monday, October 22, 2007

Altela Collects $7.1M in Series A Financing

Altela Inc., a developer of water desalination and purification technologies, announced Monday that it has concluded its initial round of venture financing after raising some $7.1 million. Altela credited CCS Income Trust, a Canadian environmental services company, with contributing $5.2 million toward. The remaining $1.9 million, Altela said, came from existing company shareholders. Altela noted that Jim McMahon, CCS's vice president of business development, will join Altela's board of directors as a result of his company's contribution. Altela added that it will use the money to expand its manufacturing plant and to introduce its water-remediation products into new markets. CCS Income Trust is based in Calgary. Altela is headquartered in Albuquerque, N.M. More information »